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ILPA Member Code of Conduct

ILPA members agree to abide by the following Code of Conduct as a condition of ongoing membership:

  • Members will conduct their business in a responsible way and will not engage in practices that would be damaging to the image and interests of the private equity industry.
  • Members shall promote and maintain ethical standards of conduct and at all times deal fairly and honestly with each other and with the private equity funds in which they invest.
  • Members that manage third party capital must represent themselves as Limited Partners as part of the ILPA community and will not engage in any marketing or marketing-related activities at any ILPA events; members will not use or share contacts, resources or information obtained from ILPA for marketing-related purposes.
  • Members shall not disclose information on any specific ILPA member or distribute any proprietary ILPA content or resources to non-members, unless explicitly permitted to do so.
  • With the exception of the Chair of the Board of Directors, members shall refrain from speaking publicly on ILPA’s behalf unless engaged to do so by the ILPA staff or Board of Directors.
  • Member use of the ILPA logo and name in print and electronic form is encouraged to communicate engagement in, and support of, ILPA’s mission and activities. Approved use is subject to the terms of this Code of Conduct and does not extend to commercial purposes, such as marketing products or services.
  • All directors, officers, employees and representatives of a member organization who are active in the ILPA membership shall be bound by this Code of Conduct.

Membership may be terminated by the Board of Directors if a member fails at any time to meet all of the criteria or has failed in a material degree to observe this Code of Conduct, or has engaged in conduct materially prejudicial to ILPA’s purposes and interests.

ILPA Membership Guidelines

The following serves as a guide to ILPA eligibility for individual professionals within each member organization:

  • An organization’s ILPA membership covers the member’s internal professional staff dedicated to investment-related activities
  • This can include front office, middle office, back office, in-house legal counsel, and any other professional employees primarily focused on the member’s LP activities. For the avoidance of doubt, this should not include anyone actively engaged (for the member and / or for another organization) in fundraising, investor relations, placement activities, and / or client sales
  • Members can choose to include trustees and / or IC members if their inclusion will benefit the member’s investment program, provided that these individuals:
    • Engage at all times as a representative of the member organization
    • Exclusively use ILPA forums / resources for the benefit of the member organization to which they are attached, and
    • Do not hold any other roles in private markets which would otherwise preclude them from ILPA membership (e.g., as a GP or consultant)
  • For family offices: given ILPA’s character as a community of investment professionals, family members should only be included in your membership and / or attend ILPA events if a majority of their time is actively engaged in the office’s investment activities